Barbara Tavora-Jainchill --- New York City Employees' Retirement System Vote on Hedge Fund Divestment and IMD ---
|Date:||Thu, Apr 14, 2016 20:40|
|Subject:||New York City Employees' Retirement System Vote on Hedge Fund Divestment and IMD|
I write again about the Pension Fund, but this time regarding its investments and the division in charge of it.
As per the today's news (http://www.reuters.com/
Almost exactly one year ago we learned of the intention of our Pension Fund to consider investing in hedge funds. Please click on the link to read the story http://www.cnbc.com/2015/04/
In addition, yesterday we were made aware of a communiqué from FAFICS - the Federation of Associations of Former International Civil Servants -which addresses concerns related to the Pension Fund's Investment Management Division - IMD ( http://www.un.org/other/afics/
Rest assured that our Pension Committee staff nominated members, as well as our Federation CCISUA 's representatives to the Pension Board, will deal with those concerns properly and expediently. Our Pension Fund is the guarantee of our financially secured future and we will continue to keep you abreast of any development related to it.
From: AFT Media Affairs <AFTPress@aft.org>
To: AFT Media Affairs <AFTPress@aft.org>
Date: 14/04/2016 03:53 PM
Subject: AFT’s Weingarten on New York City Employees' Retirement System Vote on Hedge Fund Divestment
|For Immediate Release|
April 14, 2016
AFT’s Weingarten on New York City Employees' Retirement System Vote on Hedge Fund Divestment
|WASHINGTON—Statement by American Federation of Teachers President Randi Weingarten on the resolution of the Board of Trustees of the New York City Employees' Retirement System to end future investments in hedge funds and divest existing investments as soon as practicable:|
"Hedge funds are becoming a bad bet for working families. A recent AFT report found that public employees in New York City and 10 other pension funds would have been better off if they had never invested in hedge funds. Not only did hedge funds underperform compared with a standard index fund, pension funds paid an average of $81 million in management fees in 2015 alone. Adding insult to injury, many of the billionaire hedge fund managers use their profits to launch political attacks on public pensions, public services, public schools and the mechanisms that give working people a shot at success. This vote to divest follows the decision of other pension funds like the California Public Employees' Retirement System and Illinois State Board of Investment, and is a win for working families and the entire city of New York."
Follow AFT President Randi Weingarten: http://twitter.com/rweingarten
The American Federation of Teachers is a union of 1.6 million professionals that champions fairness; democracy; economic opportunity; and high-quality public education, healthcare and public services for our students, their families and our communities. We are committed to advancing these principles through community engagement, organizing, collective bargaining and political activism, and especially through the work our members do.
Randi Weingarten Lorretta Johnson Mary Cathryn Ricker
PRESIDENT SECRETARY-TREASURER EXECUTIVE VICE PRESIDENT
American Federation of Teachers, AFL-CIO
Communications Department • 555 New Jersey Ave. N.W. • Washington, DC 20001 • T: 202-879-4458 • F: 202-879-4580 •www.aft.org
AFT Teachers • AFT PSRP • AFT Higher Education • AFT Public Employees • AFT Nurses and Health Professionals